Social and political criticisms
When I came home, the TV was tuned in to a HBO replay of Inside Job.
There were several interesting notes:
l. The financial services sector is behind the crisis;
2. Many academicians and economists sit at the boards of financial services company earning hundreds of thousands of dollar as board members; Even Presidents of colleges and universities do consulting jobs and studies for the said financial services;
3. Those academicians even praised derivatives in their role in US economy. We know they are not.
4. At the time of Pres W Bush, Hubbard the chair of board of economists recommended that taxes be reduced on capital gains dividends which mostly favored the 1% of US who are the richest. The disparity between the rich and the poor became wider. The poor cope up by borrowing more and working longer hours for housing, consumption, and consumption.
5. When Pres Obama came in power (in 2008 just before the break out of the crisis) one of the changes he saw was the change in Wall St. The reforms came in 2010; but they were too little and ineffectual why? His regulators: Geither (US Treasurer) Ben Bernake etc are mostly Wall St. guys. How they regulate their own kind.?
Will US be better? Will there be financial reforms? Many doubt but the movie concludes that some things are worth fighting for..
